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Farm Service Agency's ARC vs. PLC on Wheat, Feedgrains and Soybeans

Summary

Marketing Year Average (MYA) wheat Price for 2013/14 was $6.87, 2012/13 was $7.77, 2011/12 was $7.24, and 2010/11 was $5.70. The MYA 2009/10 price was below the statute price for wheat of $5.50, therefore the statute price was used as the 5th price to calculate the 5 year Olympic average price for setting 2014 Agriculture Risk Coverage (ARC) on wheat. The high year price of $7.77 and the low price of $5.50 was dropped from the Olympic average and then the Farm Service Agency (FSA) averaged the remaining 3 years of prices; $6.87, $7.24, and $5.70 and then divided by 3 with a result equal to $6.60. The $6.60 price for ARC on wheat is final.